[Prize] The second half of the major China concept stock test: Xiaomi, Meituan, PDD Holdings, and Kuaishou take the baton; Pop Mart and Mixue Group share the stage. A quick recap of last week's performance (March 23 - March 27).

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Having just seen Nvidia's GTC conference, the Fed’s interest rate decision, and significant earnings reports from Tencent, Alibaba, and Micron,This week, Hong Kong and US stocks fluctuated amid intertwined expectations of 'stagflation' and AI enthusiasm. The Federal Reserve remained on hold again but raised its inflation forecast, making the path to interest rate cuts increasingly unclear...

Earnings reports from the three major giants have successively come in:$TENCENT (00700.HK)$Leveraging advertising resilience, gaming expansion overseas, and full AI empowerment, achieving double growth in revenue and profits;$Micron Technology (MU.US)$With revenue surging nearly threefold and gross margins skyrocketing to 74%, proving the blazing momentum of the AI storage cycle, yet the stock price fell due to a sharp rise in capital expenditure plans.and$Alibaba (BABA.US)$The report card showing 'trading profits for the future,' with profits plummeting 67%, in exchange for ten consecutive quarters of triple-digit growth in AI revenue, 56% growth in instant retail, and over 300 million monthly active users for the Qwen app.Some see slowing performance, while others see the future being forged by heavy capital spending. Fellow investors, what’s your take?

In the coming week, it will be a 'feast' for China-related assets:Led by Xiaomi, Meituan, PDD Holdings, and Kuaishou, with Pop Mart and Mixue Group following closely behind, alongside a group of popular stocks such as Haidilao, SenseTime, and Wuxi AppTec competing on the same stage.This time, the market's focus will shift from 'Can it grow?' to 'Where will growth come from?' How much has AI monetized? Will consumers still be willing to pay for sentiment-driven purchases?

On March 24, Xiaomi will announce its full-year 2025 earnings.

Institutional forecasts predict Q4 revenue to reach up to 125.4 billion yuan, but adjusted net profit may face a median decline of 19.3%, with pressure on the smartphone business being evident.
What the market truly cares about is 'incremental growth.' First, the automotive business: surpassing 410,000 units delivered in 2025 is already history; the market is now more focused on the production ramp-up pace and gross margin guidance for the SU7 facelift and the new extended-range SUV launching in the second half of the year. Second, AI-powered ecosystems: Dongwu Securities noted,$XIAOMI-W (01810.HK)$The self-developed MiMo large model performed exceptionally well in the Agent benchmark test. How AI can nurture Xiaomi’s 'Human-Car-Home Full Ecosystem' and boost internet service revenue will be key to determining whether the market will reprice the stock.

On the same day,$MIXUE GROUP (02097.HK)$You also need to submit the paper.How can lemonade priced at 4 yuan support a market value of over 100 billion yuan? Lyon Securities believes that while the affordable price limits growth potential, improved profitability for franchisees will support ongoing store expansion. Just how deep does consumer spending power go in lower-tier markets?

On March 25, all eyes will turn to PDD Holdings, Kuaishou, and Pop Mart.

Market expectations$PDD Holdings (PDD.US)$Q4 revenue was approximately RMB 124.887 billion. However, the market is focused on more than just this figure. Management had previously warned that, amid fierce industry competition, a complex global environment, and ongoing ecosystem investments, performance in the coming quarters may experience fluctuations. The key focus of this earnings report lies in how the main site business will balance merchant support with platform profitability under the new domestic 'billion-yuan subsidy' policy; meanwhile, Temu, as the 'second growth curve,' will have its growth momentum and the pace of narrowing losses as critical factors for valuation.

The market expects$KUAISHOU-W (01024.HK)$Q4 revenue to grow by about 9% year-over-year, while GMV growth may slow to around 13%. Key highlights include: first, the commercialization of 'Ke Ling AI,' which Citi views as having strong annual revenue growth potential and has incorporated into its valuation model; second, profit performance amidst the competitive e-commerce landscape.

$POP MART (09992.HK)$will stage an 'earnings blind box' reveal. Management previously hinted at this being the 'fastest revenue growth in 15 years' for 2025, with market expectations for full-year revenue to potentially exceed RMB 42.7 billion and net profit not less than RMB 14.9 billion. This report card needs to answer: How strong is the vitality of Pop Mart's trendy toy IPs? Can overseas markets (especially with over 12x growth in the Americas) continue their explosive growth to become the second growth curve? And in an era of divergent Gen Z consumption, does Pop Mart’s 'emotional value' business model still work?

Meituan will follow soon, unveiling its results on March 26.

This is undoubtedly a grueling set of results. A previous profit warning revealed an expected net loss for 2025 of between RMB 23.3 billion and RMB 24.3 billion, with core local commerce swinging from profit to loss. The market will scrutinize: in the face of fierce competition from Taobao Flash Sales and JD.com’s food delivery subsidies, $MEITUAN-W (03690.HK)$how much of the company’s market share baseline has been preserved? Can the GTV share of up to 60% be maintained amid brutal competition? More crucially, how will management outline the path to stop the bleeding in 2026?

Beyond the spotlight, there are more exciting developments!

In the AI and cloud computing race,$SENSETIME-W (00020.HK)$$KINGSOFT (03888.HK)$$Kingsoft Cloud (KC.US)$companies will release their financial results one after another, with the market closely watching R&D investment in large models and government-enterprise order fulfillment.

In the biopharmaceutical sector,$WUXI BIO (02269.HK)$$WUXI APPTEC (02359.HK)$$HENGRUI PHARMA (01276.HK)$there will be recovery cues for CXOs and innovative drug segments following valuation adjustments.AI-driven drug development is represented by companies like$XTALPI (02228.HK)$, with the market closely watching their R&D pipeline progress to see if they can ride the wave of the current AI trend.

In terms of energy cycles and high-dividend strategies,，$CNOOC (00883.HK)$$PETROCHINA (00857.HK)$$JIANGXI COPPER (00358.HK)$directly tied to the global commodity price cycle, while$CHINA MOBILE (00941.HK)$$ICBC (01398.HK)$$CCB (00939.HK)$their performance will test whether the 'moat' of high dividends remains solid in the current high-interest-rate environment.Their capital expenditures and dividend guidance will also influence the overall direction of Hong Kong's cyclical sectors.

Smart driving and new energy tracks are also noteworthy,$SANHUA (02050.HK)$、$BYD COMPANY (01211.HK)$as well as developments in the autonomous driving field.$WeRide (WRD.US)$、$Pony AI (PONY.US)$, along with LiDAR manufacturers$Hesai (HSAI.US)$, will provide the latest footnote on the commercial progress of cutting-edge sectors. In addition, major players in optical communications$YOFC (06869.HK)$are worth watching.

In the US stock market, drone-related stocks$Ondas (ONDS.US)$, the leading US pet e-commerce company$Chewy (CHWY.US)$, MEME stocks$GameStop (GME.US)$, and new consumer trends like lab-grown meat$Beyond Meat (BYND.US)$will be releasing results soon – could they bring any unexpected surprises?

The final battle of March is approaching; are you ready?Stay close@富途業績Sir, pay attention@First Scene of Earnings CallGet direct access to the earnings call scene, seize the earnings opportunity, and boost your investment!

📅 [Earnings Live Preview]

WeRide 2025 Q4 and Full-Year Results Live Broadcast
SenseTime 2025 Annual Results Presentation
Kingsoft Corporation Full-Year 2025 Earnings Live Broadcast
Kuaishou 2025 Q4 and Full-Year Earnings Call
PDD Holdings Q4 2025 and Full-Year Earnings Live Broadcast
Ondas 2025 Q4 and Full-Year Earnings Live Broadcast
Meituan Q4 2025 and Full-Year Earnings Live Broadcast
China Mobile Full-Year 2025 Earnings Live Broadcast

📺 Exclusive presentation by the Investing Circle:Xiaomi Group's earnings call will be simultaneously live-streamed with real-time interpretation in the Futubull community; fellow investors are welcome to reserve and watch!

Xiaomi Group Full-Year 2025 Results Live Broadcast (Simultaneous Interpretation)

A lineup of star stocks is set to release their results! How can you not miss the excitement?

Click to learn more about corporate earnings announcement schedules:More earnings calendar

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Xiaomi, Meituan, PDD Holdings, Kuaishou—all coming next week! Whose earnings report are you betting on this time?Fellow investors, feel free to discuss in the comment section~

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